The price of Bitcoin has broken the $500 USD mark, surging past the November 2015 high, and appears to be climbing higher amid some impressive volume.
Also read: Bitcoin’s Next Adoption Phase Imminent as Public Interest Surges
China Boosts Bitcoin Price
Bitcoin holders rejoice! Following many weeks of relative stability and hovering around $450, the price of the world’s first cryptocurrency has shattered the previous yearly record high set back in early November 2015 when it flirted with the $500 mark.
Bitcoin is currently valued around $504 USD at press time, a spot price not seen since August of 2014.
The reason for this impressive surge could be largely attributed to a weakening Chinese Yuan and capital controls imposed by the government. Chinese themselves are known to convert fiat into gold, offshore real-estate, and bitcoin as a way to preserve wealth and get around capital restrictions. It’s also no secret that Chinese bitcoin exchanges compose a lion’s share of all BTC trading, where the upward price momentum is even more “striking” as the IBTimes notes: